Nonpayment Testing Period Would Be Eliminated Under Proposed Regulations

Under Sec. 6050P and its regulations, cancellation-of-debt (COD) income of $600 or more must be reported on Form 1099-C when any of eight identifiable events occur.

Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/HCjyhYhypHg/News_Notes_08.aspx

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